Prescient Therapeutics (ASX: PTX) is a clinical-stage oncology company whose lead asset, PTX-100, is the world’s first-in-class GGTase-1 inhibitor in clinical development — and, as of today, the only drug of its kind targeting relapsed/refractory cutaneous T-Cell Lymphona (CTCL), a very deadly form of cancer.

Building a Phase 2 footprint

Since our last note, published at the end of November 2025, the company has continued progressing the Phase 2 trial. It now has 8 of 16 sites set up, and granting EU Orphan Drug Designation for PTX-100 will speed this up by enabling European sites to be set up. Also in recent months, PTX strengthened its balance sheet by completing a A$9.8m capital raise and obtaining a A$4.3m R&D tax incentive refund. PTX-100’s mechanism, GGTase-1 inhibition, disrupts the prenylation of Rho-family GTPases that are essential to cancer cell signalling and survival. This represents a mechanistically distinct approach to oncology drug development that does not overlap with existing chemotherapy, immunotherapy, or targeted therapy classes, which underpins both its clinical rationale in previously treated patients and its potential for partnering.

There’s a lot to look forward to

Investors will be watching for results from the trial. But that is not all to look out for. Continued progress with OmniCar and CellPryme could generate investor excitement too. We also think investors should watch for potential pharmaceutical partnerships. Whether such a partnership would be in the form of a co-development agreement, regional licensing deal, or broader collaboration would be a transformative catalyst for Prescient’s valuation and share price. In our view, PTX-100’s status as the only GGTase-1 inhibitor in clinical development anywhere in the world, and one with far more promising results than any TCL drugs on the market, gives it a uniqueness that is attractive to potential pharmaceutical partners.

Valuation range reiterated

Our valuation of PTX remains at $0.11 per share and $0.16 per share respectively based on an NPV approach assuming commercialisation of PTX-100 and CellPryme. Our total NPV has been adjusted slightly to account for PTX’s closing 1H26 net cash position but it is not material enough to change our valuation per share. Please see page 9 for more details on our valuation and page 10 for the key risks.